This dashboard provides daily (economic) sentiment indicators based on Google searches in Austria. The data for the Google searches is scraped from Google Trends using the trendecon R-package. The project builds upon the work of trendEcon. Next to the presentation of the daily sentiment indices the goal is to evaluate the main indicator’s (perceived economic situation) forecasting performance and accuracy in an GDP nowcasting exercise. To analyze its performance several models (VAR,ARIMA,OLS) are being compared.
The indicator for the Perceived Economic Situation includes search terms that reflect people’s worries about the economy. For instance, people might google “economic crisis” (Wirtschaftskrise) to get information.
The indicator for the Perceived Corona Situation includes search terms that reflect people’s worries about the current corona situations. For instance, people might google “incidence” (Inzidenz), to get information.
The indicator for the Perceived Consumption Situation includes search terms that reflect people’s consumption behavior and thus gives indications for the current economic situations.
The indicator for the Perceived Unemployment Situation includes search terms that reflect people’s search behavior regarding their current job situation and thus gives indications for the current unemployment situations.
Comparison of PES to GDP growth and and Consumper Confidence Index (do quarterly)
Comparison of PES to Wifo and OenB weekly!
Expanding OLS
VAR
ARIMA